证券代码：001215 证券简称： 千味央厨 公告编号：2025-036 郑州千味央厨食品股份有限公司 回购报告书 重要内容提示： （1）本次回购股份存在回购期限内公司股票价格持续超出回购方案披露的 回购价格上限，而导致回购方案无法实施或只能部分实施等不确定性风险； 1、回购股份基本情况 郑州千味央厨食品股份有限公司（以下简称"公司"）拟使用自有资金和自 筹资金（含银行股票回购专项贷款等）通过集中竞价交易方式回购公司普通股股 份，用于股权激励或员工持股计划。本次回购资金总额不低于人民币 4,000 万元 （含）且不超过人民币 6,000 万元（含），回购价格不超过人民币 43.21 元/股（含）。 按照回购资金总额的上下限及回购价格上限 43.21 元/股计算，预计回购股份数量 约为 925,711 股-1,388,567 股，约占公司目前总股本的 0.95%-1.43%，具体以回购 期满时实际回购的股份数量为准。本次回购股份的实施期限为自公司股东会审议 通过本回购方案之日起 12 个月内。 公司已取得中信银行股份有限公司郑州分行出具的《贷款承诺函》，承诺为 公司提供不超过人民币 5,400 万元额度的股票回 ...

Group 1 - The company is optimizing its product layout in response to market trends and consumer scenarios, focusing on four key product lines: staple foods, snacks, baked goods, and frozen prepared dishes [1] - The company aims to cultivate new billion-yuan categories within 3-5 years by enhancing product value through core category focus, structural optimization, and iterative upgrades [1] - Customized product solutions are being developed for core scenarios such as breakfast, group meals, and banquet services [1] Group 2 - The company is enhancing market expansion capabilities through multi-channel refined operations, deepening relationships with major clients like Yum China and expanding offerings to include baked goods and prepared dishes [2] - A strategy of empowering core distributors and developing new clients in local specialty chains and coffee shops is being implemented to broaden market coverage [2] - The e-commerce channel is focusing on convenient family consumption scenarios, developing products for small households, and leveraging online channels to enhance brand recognition [2] Group 3 - The company plans to increase investment in frozen prepared dishes and baked goods, utilizing self-research and supply chain collaboration for expansion [3] - Revenue projections for 2025-2027 are estimated at 1.952/2.086/2.295 billion yuan, with year-on-year growth rates of 4.5%/6.87%/10% [3] - The expected net profit for the same period is projected at 88/98/112 million yuan, with growth rates of 5.48%/10.78%/14.49% [3]

Investment Rating - The report maintains a "Buy" rating for the food and beverage sector, indicating an expected investment return exceeding 15% over the next 6-12 months [5][33]. Core Insights - The restaurant industry is expected to gradually recover, with a slow recovery trend observed in Q1 2025 compared to the entire year of 2024, as indicated by an increase in store numbers and market heat [1][13]. - The first quarter of 2025 saw a slight decline in restaurant market sentiment compared to the previous quarter, likely influenced by the Spring Festival holiday, but remains in a recovery phase compared to the full year of 2024 [1][13]. - The report highlights a significant increase in restaurant store numbers in first-tier cities, with a 3.6% increase from Q4 2024 to Q1 2025, driven by the issuance of dining vouchers [2][16]. - The trend towards affordable dining continues, with restaurants priced under 50 yuan per person accounting for 70% of the total store count as of Q1 2025, reflecting a shift towards low-cost, high-value dining options [3][26]. Summary by Sections Restaurant Industry Recovery - Q1 2025 shows a slow recovery in the restaurant market, with a 1.8% increase in store numbers compared to Q4 2024, despite a competitive environment [1][13]. - The overall restaurant income growth rate has improved, with March 2025 showing a year-on-year increase of 5.6% in total retail dining income [1][13]. First-tier City Performance - First-tier cities have seen an increase in restaurant heat since Q4 2024, with a 3.6% increase in store numbers in Q1 2025, aided by government policies [2][16]. - The report notes a mixed performance in second and third-tier cities, with store numbers remaining relatively stable [2][16]. Consumer Trends - The report emphasizes the continued expansion of low-cost dining options, with a notable increase in stores priced under 50 yuan, while mid-range dining options have seen a slight decline [3][26]. - The opening rates for affordable dining categories such as noodle shops and snacks remain high, indicating strong consumer demand for budget-friendly options [2][21]. Investment Recommendations - The report suggests focusing on upstream supply chain-related companies, highlighting specific firms such as Lihigh Food, which reported a 14% year-on-year revenue growth in Q1 2025 [4][31]. - Other recommended companies include Anjii Food and Qianwei Central Kitchen, both of which are adapting to market conditions and focusing on product innovation [4][31].

河南文丰律师事务所 关于郑州千味央厨食品股份有限公司 2024 年年度股东会的 法律意见书 二零二五年五月 地址：河南省郑州市郑东新区九如 路 51 号龙湖一号院 2 号楼 B 座 5 层 6 层 电话：（0371）63715000 邮编：450018 河南文丰律师事务所 关于郑州千味央厨食品股份有限公司 2024年年度股东会的 法律意见书 致：郑州千味央厨食品股份有限公司 河南文丰律师事务所（下称"本所"）接受郑州千味央厨食品股份有限公司 （下称"公司"或"千味央厨"）的委托，指派本所律师出席了公司2024年年度 股东会（下称"本次股东会"）。本所律师根据《中华人民共和国公司法》（下 称"《公司法》"）《中华人民共和国证券法》（下称"《证券法》"）《上市 公司股东会规则》（下称"《股东会规则》"）及《郑州千味央厨食品股份有限 公司章程》（下称"《公司章程》"）等有关规定，就公司本次股东会的召集和 召开程序、出席会议的人员资格和召集人的资格、会议的表决程序和表决结果等 有关事宜出具《河南文丰律师事务所关于郑州千味央厨食品股份有限公司2024年 年度股东会的法律意见书》（下称"本法律意见书"）。 为出具本法律意 ...

证券代码：001215 证券简称： 千味央厨 公告编号：2025-035 郑州千味央厨食品股份有限公司 2024 年年度股东会决议公告 本公司及其董事会全体成员保证信息披露内容的真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会未出现否决提案的情形。 2、本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 1、召开时间 （1）现场会议时间：2025 年 5 月 20 日（星期二）下午 14:30。 （2）网络投票时间：通过深圳证券交易所交易系统投票的时间为：2025 年 5 月 20 日 9:15-9:25、9:30-11:30、13:00-15:00；通过深圳证券交易所互联网投票 系统投票的时间为：2025 年 5 月 20 日 9:15-15:00。 2、现场会议召开地点：河南省郑州高新区高新技术企业加速器产业园 D9-3 栋四楼会议室。 3、会议召开方式：现场投票与网络投票相结合的方式。 4、会议召集人：公司董事会。 5、会议主持人：公司董事长孙剑先生。 6、本次会议的召集、召开和表决程序符合《中华人民共和国公司法》（以 下简称"《公司法》"）等法律法 ...

Group 1 - The "Measures for Promoting and Managing the Catering Industry" will be implemented on June 15, 2025, with significant enhancements in industry promotion, including support for digital development and local特色餐饮 cultivation [1] - The revised measures provide practical guidance for catering service operators, aiming to improve service quality and competitiveness in the industry [1] - Analysts predict a recovery opportunity for the catering industry in 2025, driven by increased demand for banquets, ongoing subsidy policies like dining vouchers, and a potential rise in business dining as economic activity picks up [1][2] Group 2 - Following the announcement of the new measures, companies like Baba Food and Tianwei Food saw significant stock price increases, indicating positive market sentiment towards the catering sector [2] - Key companies in the catering supply chain include Hai Tian Wei Ye, Tian Wei Food, and An Qi Yeast, with projected revenue growth rates varying across the sector [5][6] - The core companies in the catering industry chain encompass various segments, including basic and compound condiments, as well as small dining chains [6]

Summary of the Conference Call for Q1 2025 Company and Industry Overview - The conference call pertains to the food production industry, specifically focusing on the company "Qianwei Yangchu" and its performance in the restaurant supply sector for Q1 2025 [2][3]. Key Points and Arguments - **Market Demand and Competition**: - Q1 2025 saw stable restaurant demand with slight improvements compared to Q4 2024, but overall recovery remains limited. Market sentiment is more positive than the same period last year, although significant recovery is not evident [2][3]. - The competitive landscape remains intense, but companies are adopting more rational pricing strategies to avoid compromising product quality through excessive discounting [2][5]. - **Sales Performance**: - The company reported a 7% growth in large B-end products, while small B-end products experienced a nearly 4% decline due to competitive pressures [2][6]. - The overall revenue target for 2025 is modest growth, with a focus on maintaining stable net profit margins [2][24]. - **Pricing Strategies**: - The company has shifted its expense structure away from direct price subsidies towards supporting the operational quality of distributors, indicating a strategic shift from price wars to a focus on brand and quality [2][5]. - The frozen rice and noodle market appears to have reached a pricing bottom, with some companies seeing a recovery in terminal transaction prices [2][11]. - **Product Development**: - The company is actively developing new products in the small category, particularly targeting the group meal market and expanding offerings in baked goods and prepared dishes [4][29]. - There is a noted increase in the proportion of high-value-added products being launched this year compared to last year [10]. - **Raw Material Costs**: - Raw material costs are expected to remain stable in 2025, with minimal risk of price increases for oils and flour due to improved trade relations and government measures [4][30]. Additional Important Insights - **Channel Dynamics**: - There is a trend of increasing concentration among distributors, with larger distributors forming more stable partnerships with manufacturers. However, downstream channels are diversifying, leading to a more varied procurement landscape [22]. - **Long-term Strategy**: - The company aims to stabilize its core customer base and product categories while seeking slight growth through new product introductions and customer development [24][26]. - The focus for large B-end markets will be on partnerships with major chains like Haidilao and expanding into Western fast food clients [27]. - **Market Trends**: - The food production industry is characterized by low entry barriers, leading to frequent exits and entries of small enterprises. This dynamic has intensified low-price competition but has limited impact on mainstream companies [17][18]. - **Profitability Outlook**: - Despite the competitive pressures, the company is optimistic about maintaining stable net profit margins and gradually improving profitability through strategic product positioning and innovation [19][24]. This summary encapsulates the essential insights from the conference call, highlighting the company's strategic adjustments, market conditions, and future outlook in the food production industry.

Investment Rating - The report maintains a "Cautious Accumulate" rating for the company, predicting a relative increase of 0% to 5% compared to the CSI 300 index over the next six months [14]. Core Views - The company reported a revenue of 1.868 billion yuan for 2024, a year-on-year decrease of 1.71%, while the net profit attributable to the parent company decreased by 32.57% to 0.83 billion yuan [8][11]. - The company experienced negative sales growth in the second half of 2024, primarily due to a decline in sales through the distribution model and reduced sales in the northern market [8]. - The company’s gross margin slightly decreased to 23.38% in 2024, with a notable decline in direct sales margin, indicating pressure on profit margins [8][9]. - The frozen prepared dishes category and online sales showed significant growth, with frozen dishes achieving a sales increase of 273.39% to 0.142 billion yuan in 2024 [9]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.868 billion yuan, with a net profit of 0.84 billion yuan, and earnings per share of 0.87 yuan [8][11]. - The first quarter of 2025 saw a revenue of 0.47 billion yuan, a year-on-year increase of 1.5%, but the net profit decreased by 37.71% [8]. Sales and Market Dynamics - Direct sales in 2024 amounted to 0.809 billion yuan, a year-on-year increase of 4.34%, while distribution sales were 1.051 billion yuan, a decrease of 6.04% [8]. - The number of major clients increased by 8.81% to 173 by the end of 2024, providing a stable foundation for sales [8]. Profitability and Margins - The overall gross margin for 2024 was 23.38%, with a direct sales margin of 20.02% and a distribution margin of 25.97% [8][9]. - The gross margin for the first quarter of 2025 further declined to 24.42% [9]. Growth Areas - The frozen prepared dishes category recorded a sales increase of 273.39%, contributing to a gross margin of 14.87% [9]. - Online sales reached 0.042 billion yuan in 2024, a year-on-year increase of 96.14%, with a high gross margin of 39.04% [9].

证券代码：001215 证券简称： 千味央厨 公告编号：2025-034 郑州千味央厨食品股份有限公司 关于回购股份事项前十名股东及前十名无限售条件股东 持股情况的公告 本公司及其董事会全体成员保证信息披露内容的真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 郑州千味央厨食品股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日 召开第三届董事会第十九次会议，审议通过了《关于第二期以集中竞价交易方式 回购公司股份方案的议案》，具体内容详见公司于 2025 年 4 月 26 日在巨潮资讯 网（http://www.cninfo.com.cn）及《证券时报》《上海证券报》上披露的《关于第 二期以集中竞价交易方式回购公司股份方案暨取得金融机构股票回购专项贷款 承诺函的公告》（公告编号：2025-025）。 根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》的规定， 现将公司 2024 年年度股东会股权登记日（即 2025 年 5 月 14 日）登记在册的前 十名股东及前十名无限售条件股东持股情况公告如下： 一、前十名股东持股情况 持股数量 占总股本的 | . | | --- | ...

郑州千味央厨食品股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日 召开第三届董事会第十九次会议，审议通过了《关于第二期以集中竞价交易方式 回购公司股份方案的议案》，具体内容详见公司于 2025 年 4 月 26 日在巨潮资讯 网（http://www.cninfo.com.cn）及《证券时报》《上海证券报》上披露的《关于第 二期以集中竞价交易方式回购公司股份方案暨取得金融机构股票回购专项贷款 承诺函的公告》（公告编号：2025-025）。 证券代码：001215 证券简称： 千味央厨 公告编号：2025-034 郑州千味央厨食品股份有限公司 关于回购股份事项前十名股东及前十名无限售条件股东 持股情况的公告 本公司及其董事会全体成员保证信息披露内容的真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 特此公告。 郑州千味央厨食品股份有限公司 根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》的规定， 现将公司 2024 年年度股东会股权登记日（即 2025 年 5 月 14 日）登记在册的前 十名股东及前十名无限售条件股东持股情况公告如下： 注：以上股东的持股数量为合并普通 ...